FXP vs. CXSE
FXP (ProShares UltraShort FTSE China 50) and CXSE (WisdomTree China ex-State-Owned Enterprises Fund) are both China Equities funds - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while CXSE tracks the WisdomTree China ex-State-Owned Enterprises Index. Both are passively managed. Over the past 10 years, FXP returned -22.22%/yr vs 6.52%/yr for CXSE. Their -0.83 correlation means they have often moved in opposite directions in the past. FXP charges 0.95%/yr vs 0.32%/yr for CXSE.
Performance
FXP vs. CXSE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FXP achieves a 6.18% return, which is significantly higher than CXSE's -2.80% return. Over the past 10 years, FXP has underperformed CXSE with an annualized return of -22.22%, while CXSE has yielded a comparatively higher 6.52% annualized return.
FXP
- 1D
- 0.44%
- 1M
- -23.97%
- 6M
- 9.78%
- YTD
- 6.18%
- 1Y
- -1.26%
- 3Y*
- -27.96%
- 5Y*
- -21.08%
- 10Y*
- -22.22%
- ALL TIME*
- -28.45%
CXSE
- 1D
- 1.60%
- 1M
- 3.19%
- 6M
- -4.37%
- YTD
- -2.80%
- 1Y
- 6.79%
- 3Y*
- 6.76%
- 5Y*
- -6.30%
- 10Y*
- 6.52%
- ALL TIME*
- 4.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.94M | $1.25M | $1.09M | |
| $103.24K | $95.91K | $96.09K |
FXP vs. CXSE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 6.18% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
CXSE WisdomTree China ex-State-Owned Enterprises Fund | -2.80% | 37.00% | 8.56% | -18.02% | -29.32% | -23.67% | 59.39% | 37.96% | -28.55% | 81.50% |
Correlation
The correlation between FXP and CXSE is -0.78, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.78 |
Correlation (3Y) Balances recent behavior with more history. | -0.87 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.88 |
Correlation (All Time) Calculated using the full available price history since Sep 20, 2012 | -0.83 |
The correlation between FXP and CXSE shifts across timeframes, from -0.92 (5 years) to -0.78 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FXP vs. CXSE — Risk / Return Rank
FXP
CXSE
FXP vs. CXSE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FXP | CXSE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.07 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 0.39 | -0.43 |
| Martin ratioReturn relative to average drawdown | -0.11 | 0.67 | -0.77 |
Loading charts...
Drawdowns
FXP vs. CXSE - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than CXSE's maximum drawdown of -70.01%. Use the drawdown chart below to compare losses from any high point for FXP and CXSE.
Loading charts...
Drawdown Indicators
| FXP | CXSE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -70.01% | -29.93% |
Max Drawdown (1Y)Largest decline over 1 year | -25.65% | -17.70% | -7.95% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -29.83% | -52.51% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -58.68% | -29.17% |
Max Drawdown (10Y)Largest decline over 10 years | -93.56% | -70.01% | -23.55% |
Current DrawdownCurrent decline from peak | -99.92% | -48.00% | -51.92% |
Average DrawdownAverage peak-to-trough decline | -94.18% | -28.07% | -66.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.62% | 10.22% | +1.40% |
Volatility
FXP vs. CXSE - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 10.97% compared to WisdomTree China ex-State-Owned Enterprises Fund (CXSE) at 7.12%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier than CXSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FXP | CXSE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.97% | 7.12% | +3.85% |
Volatility (6M)Calculated over the trailing 6-month period | 29.41% | 16.20% | +13.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.60% | 22.58% | +18.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.72% | 32.02% | +30.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 28.80% | +26.01% |
FXP vs. CXSE - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than CXSE's 0.32% expense ratio.
Dividends
FXP vs. CXSE - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.39%, more than CXSE's 1.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CXSE WisdomTree China ex-State-Owned Enterprises Fund | 1.49% | 1.95% | 1.70% | 1.71% | 1.55% | 0.86% | 0.54% | 0.96% | 1.49% | 1.24% | 1.39% | 2.50% |
FXP ProShares UltraShort FTSE China 50 | 3.39% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXP and CXSE have a correlation of -0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (10.97%) compared to CXSE (7.12%). In terms of maximum drawdown, FXP dropped -99.94% vs CXSE's -70.01%.
On 10-year performance, CXSE leads with 6.52% vs -22.22% for FXP. On fees, CXSE is cheaper at 0.32% per year. On volatility, CXSE has been the lower-risk option at 7.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CXSE has performed better with a 6.52% return vs -22.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CXSE is cheaper with a 0.32% expense ratio, compared with 0.95% for FXP.
FXP has the higher dividend yield at 3.39%, compared with 1.49% for CXSE.
FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while CXSE tracks WisdomTree China ex-State-Owned Enterprises Index. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.95% for FXP and 0.32% for CXSE.
CXSE currently has the higher Sharpe Ratio (0.30 vs -0.03), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for FXP and CXSE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer